Great British Pound (GBP) Technical Major Currencies (2012-03-21)

By IBT Staff Reporter On 03/21/12 AT 3:58 AM

Morning Report

Yesterday, the pair has been sold touching the confluence of supports at 1.5820 zones, where it has managed to regain the upside momentum. But, this upside momentum remains trapped within a very tight range since the resistance areas between 1.5890 and 1.5925 continued pressuring it negatively despite trading above SMA 200. Stochastic also started to warn of lackluster of bullish momentum. Although, we believe that bears may dominate the market movements sooner due to the above mentioned technical factors but we will remain neutral until clearer signs appear. A daily closing above 1.5925 will threaten the psychological levels of 1.6000.

The trading range for today is among key support at 1.5640 and key resistance at 1.6075.

The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.

Previous Report

Weekly Report

Support

1.5820

1.5785

1.5720

1.5680

1.5630

Resistance

1.5890

1.5925

1.5975

1.6000

1.6025

Recommendation

Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.